From latest batch of FSI Submissions;This is from Governance...

From latest batch of FSI Submissions;
This is from Governance Institute of Australia:

[ Corporate reporting is predicated on disclosure.
‘Sunlight is said to be the best of disinfectants; electric light the most efficient policeman,’ said Justice Louis Brandeis, US Supreme Court of Justice, in 1933. Justice Brandeis made this comment at a time when fraud and market manipulation led to market turmoil and the Great Depression. It was also made in the context of President Roosevelt’s New Deal reform programs that eventually led to the passing of the Securities Act of 1933, the Securities Exchange Act of 1934, and the creation of the US Securities and Exchange Commission (SEC).

James M Landis, the architect of the US securities regulatory system said:
My fundamental belief is that if the truth is told about these things, then it is up to the parties to decide whether they want to buy them or not. If they want to buy them, and speculate, well, let them go ahead and speculate.

I've always felt that the furthest that practical administration could go was to call for a statement of the truth about any enterprise; but that some governmental agency should say you shouldn't buy stock in ABC company — I don't know who can decide a thing like that.

Disclosure is concerned with transparency, that is, letting the truth be available to all. This is the foundation of continuous disclosure. Disclosure is seen as an effective tool for improving investor protection. Some of the responsibility for protecting the investor is shifted to investors themselves.
This is the concept of informed self-interest — with good information, the perception of risk in the markets is reduced, as is the cost of capital. ]
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The above may appear to be the most reasonable admonition to investors by this respected body, were it not for that tiny word “if” in the second sentence of 2nd paragraph.

We want investment spruikers made to swear to tell the truth and there is precious little in all the submissions I saw that would take this direction.

While Doctors are made to take Hippocratic Oath, Policemen required to swear allegiance to serve. So do soldiers and a number other professions.

I started to construct a FINRACUDA OATH that I hope will be adapted nationally.
Finracuda stands for "financial rapacious barracuda" devoting all its hunting skills to the investor it trails, errhhh, cross that out; to the investor it serves!

I am sure Mr Landis would approve; a pity he missed it at the time of drafting his regulatory system.

Your suggestions for final draft are most welcomed.

Cheers,